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The thing is, the age of the engine doesn’t say anything. The Unreal Engine started its development before 1998. But you do have to put in work to upgrade an engine over time and Bethesda doesn’t have Fortnite money for that.
No, they have Skyrim money for that. Imagine making money off of a game for over a decade, while barely putting money towards rereleases/ports. Didn’t even need a team for patches or content updates.